UAE Energy Minister Says OPEC Exit Unrelated to Saudi Production Cut Proposal
Minister Suhail Al Mazrouei says decision to leave OPEC and OPEC+ has 'nothing to do with any of our brothers or friends within the group'
L'essentiel
- UAE Energy Minister Suhail Mohamed Al Mazrouei has clarified that the country's decision to withdraw from OPEC and OPEC+ effective May 1, 2026 is not related to Saudi Arabia's proposal on oil production cuts.
- In a CNBC interview, the minister emphasized the UAE's respect for Saudi Arabia's leadership of OPEC and OPEC+ and assured that the country remains committed to stabilizing the global fuel market.
Résumé généré par IA
NEW YORK, April 29. /TASS/. The United Arab Emirates' (UAE) decision to leave OPEC and OPEC+ is not related to Saudi Arabia's proposal on oil production cuts, UAE Energy Minister Suhail Mohamed Al Mazrouei said in an interview broadcast on CNBC. "This has nothing to do with any of our brothers or friends within the group. We've been working together for years. We have the highest respect for the Saudis for leading OPEC and OPEC+ as a major producer," he said when asked whether the UAE's withdrawal from OPEC and OPEC+ is linked to Saudi Arabia's proposal to cut oil production. Earlier, the Emirati state news agency WAM reported that the UAE had decided to withdraw from OPEC and OPEC+ effective May 1, 2026. The country assured though that it shares the desire to stabilize the global fuel market. Its oil production policy will take into account global supply and demand, according to the WAM publication.
